Contrary to popular perception, the economic reforms and liberalisation of 1991 did not reduce corruption. The growth and expansion of the economy actually ‘created’ new and ‘hot’ avenues for high volume corruption, particularly in ‘outsized’ profits associated sectors such as natural resources, infrastructure financing etc. Administrative and judicial reforms didn’t keep pace with the 1991 reforms.
A Crux study across 17,000 citizens, 400 small business owners and 35 policy makers highlights the depreciating impact that corruption can have on the economic ecosystem, and society as a whole. Corruption causes significant distortions and inefficiencies and diminishes growth. It is detrimental to a free, fair, competitive, and efficient market. It creates an uneven playing field for businesses. It affects both private and foreign investment.
The social fallout is staggering. The Crux study highlights that intangible and long-term cost is acute and entrenched. Corruption erodes the credibility of the government, the very legitimacy of state institutions. It degrades the social and moral fabric of society. It undermines social trust and gnaws away at the democratic process. Petty corruption raises the cost of engaging in productive activities, and disproportionately affects, even exploits the poor and the marginalised. It promotes lopsided development, perpetuates inequality.
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